Minemakers (MAK)

Phosphate play
Minemakers
continues to recover off its June lows as several of its secondary projects take shape. Its flagship project, the Wonarah phosphate deposit in the Northern Territory, is being reassessed after high forecast costs and the troubling recent strength in the Australian dollar. Uncertainty over Wonarah has contributed to Minemakers’ slide from its January high of 60.5¢. But it is continuing to advance its Namibian marine phosphate play in Africa. A recent study forecast $144 million in start-up costs and an internal rate of return of 25.5 per cent. Also, the company is planning a spin-off of its Tasmanian tin, tungsten and fluorspar prospects in a new vehicle called TNT Mines. TNT will look to raise up to $10 million. Minemakers could soon have a 40 to 45 per cent stake in BCD Resources, owner of the Beaconsfield gold mine in Tasmania, after extending a convertible bond to the cash-strapped company.